DIFC Investments announces plans for sukuk issue
Four bankers told IFR that DIFC Investments announced plans for a sukuk issue. The company has appointed banks and could come to market as early as September. Key banks on a 2012 loan deal are among those involved in the new sukuk, Gulf Business reported. DIFC took out a $1bn syndicated loan in May 2012 with Emirates NBD acting as financial adviser, while Standard Chartered coordinated the debt. Dubai Islamic Bank and Noor Bank also participated in the loan. The purpose of that loan was to refinance a $1.2bn FRN sukuk that was maturing later that year. One of the bankers suggested that the new sukuk, if successful, would be used to refinance that 2012 loan.